Goldman Sachs and the International Finance Forum (IFF) announced the launch of the Green Finance Working Group (Working Group), which will provide a platform for companies to exchange and develop ideas on how best to leverage green finance innovations and help advance the world’s transition to a low-carbon economy.
Co-chaired by John Waldron, President and Chief Operating Officer of Goldman Sachs, and Zhu Xian, Vice President and Secretary-General of the IFF, the Working Group will facilitate dialogue on climate action among senior executives from global corporations and researchers from leading institutions. It will also advise and work with policymakers to enhance green finance cooperation across the public and private sectors.
The Working Group will also have a special focus on China’s role in achieving sustainable outcomes. Research from Goldman Sachs estimates that China’s pursuit of Net Zero could generate USD 16 trillion in infrastructure investment opportunities by 2060 as well as 40 million net new jobs for the country while supporting robust economic growth.
“We need to move from the science of climate change to the business of climate change, to deploying these technologies at scale and making it easier for consumers to seek out and opt for greener energy sources to power their daily lives,” said Waldron. “Many of the companies that are joining us in the Working Group are some of the most important investors and users of energy worldwide—we need them to be active participants and supporters of the climate transition ahead. Their participation in this group will add momentum to global efforts already underway, and help make those efforts more effective by sharing the lessons learned from their decades of business operations.”
“We share a common vision towards the development of low carbon economies, including promotion of a strong green financial market and strengthening the role of finance in driving the implementation of global sustainable development processes,” said Zhu Xian. “ This Working Group will convene top-level representatives of leading global companies, including banks and financial institutions, and other key sectors, such as energy and transport and leading researchers from the U.S., E.U., U.K., and China in a solutions-focused dialogue on how best to leverage green finance and capital markets as key tools to mitigate climate change and transition to a low carbon economy.”
Source: Goldman Sachs